Profile: Pioneer Energy Services Corp (PES)
17 May 2019
Pioneer Energy Services Corp., incorporated on November 14, 1979, provides land-based drilling services and production services to a group of independent oil and gas exploration and production companies in the United States and internationally in Colombia. The Company operates through two segments, which include drilling services segment and production services segment. The Company also provides two of its services (coiled tubing and wireline services) offshore in the Gulf of Mexico.
Drilling Services Segment
The Drilling Services Segment provides contract land drilling services to a group of exploration and production companies through its four drilling divisions in the United States, and internationally in Colombia. In addition to the Company's drilling rigs, it provides the drilling crews and most of the ancillary equipment needed to operate its drilling rigs. The Drilling Services Segment performs work prior to initial production. As of December 31, 2016, the Company's fleet consisted of 16 alternate current (AC) rigs in the United States and eight silicon-controlled-rectifier (SCR) rigs in Colombia, all of which had 1,500 horsepower or greater drawworks.
Production Services Segment
The production services segment provides a range of services to a group of exploration and production companies, with its operations concentrated in the various United States onshore oil and gas producing regions in the Mid-Continent and Rocky Mountain states and in the Gulf Coast, both onshore and offshore. The primary production services that the Company offers include well servicing, wireline services and coiled tubing services. A range of services are required in order to establish production in newly-drilled wells and to maintain production over the useful lives of active wells. The Company uses its well servicing rig fleet to provide these services, including the completion of newly-drilled wells, maintenance and workover of active wells, and plugging at the end of the useful lives. As of December 31, 2016, the Company had a fleet of 114 rigs with 550 horsepower and 11 rigs with 600 horsepower with operations in 10 locations, mostly in the Gulf Coast states, as well as in Arkansas and North Dakota.
The oil and gas exploration and production companies require wireline services to understand the reservoirs they are drilling or producing, and use logging services to characterize reservoir rocks and fluids. To complete a cased-hole well, the production casing must be perforated to establish a flow path between the reservoir and the wellbore. The Company uses its fleet of wireline units to provide the logging and perforating services in addition to a range of other mechanical services that are needed in order to place equipment in or retrieve equipment or debris from the wellbore, install bridge plugs and control pressure. As of December 31, 2016, the Company had a fleet of 114 wireline units in 17 operating locations in the Gulf Coast, Mid-Continent and Rocky Mountain states.
The coiled tubing services allows operators to continue production during service operations on a well under pressure without shutting in the well, thereby reducing the risk of formation damage. Coiled tubing services involve the use of a continuous metal pipe spooled on a reel for oil and natural gas well applications, such as wellbore clean-outs, nitrogen jet lifts, through-tubing fishing, formation stimulation utilizing acid, chemical treatments and fracturing. Coiled tubing is also used for a range of horizontal well applications, such as milling temporary plugs between frac stages. As of December 31, 2016, the Company's coiled tubing business consisted of 12 onshore and five offshore coiled tubing units, which were deployed through three locations in Texas and Louisiana.
The Company competes with Helmerich & Payne, Inc., Precision Drilling Corporation, Patterson-UTI Energy, Inc., Nabors Industries, Ltd, Key Energy Services, Basic Energy Services, C&J Energy Services, Superior Energy Services, Inc., CC Forbes, Allied-Horizontal Wireline Services, Renegade Services, KLX Energy Services, Archer Ltd., Schlumberger Ltd., Halliburton Company and RPC Inc.
Pioneer Energy Services Corp
1250 NE Loop 410 Ste 1000
SAN ANTONIO TX 78209-1560